加大资金支持力度，培育"耐心"资本。在出资比例上，"连十条"作出调整：原则上市级母基金对天使 类、创业投资类子基金出资上限，分别从40%、30%提至50%、40%；市区联合出资上限分别升至 60%、50%。对重点产业集群有重大促进作用的子基金，市级母基金出资比例可再提高；省级基金参与 组建的在连子基金，省市区联合出资不再设置上限。针对科技创新项目投资周期长、风险高的特点，将 天使类和创业投资类子基金存续期最长延至15年，为科技型企业全周期发展提供稳定资金保障。 为有效发挥政府投资基金带动作用，支持科技成果转化、重点产业集群建设，日前，大连市出台《大连 市发挥政府投资基金作用赋能产业高质量发展的若干措施》（以下简称"连十条"），从十大维度发力， 为大连市现代化产业体系建设注入金融活水。这是大连市深入贯彻《国务院办公厅关于促进政府投资基 金高质量发展的指导意见》精神，推动有效市场与有为政府更好结合的关键实践。 "连十条"的出台标志着大连市政府投资基金管理向市场化、法治化、专业化迈出了重要一步，未来，随 着政策效应的持续显现，政府投资基金将更高效撬动资本要素集聚，助力大连市现代化产业体系建设与 高质量发展。（中国发 ...

随着技术创新进入前所未有的密集活跃期，科技创新已成为大国竞争博弈的角力场。金融是国民经济的 血脉，在科技创新中发挥重要作用。习近平总书记指出，"要做好科技金融这篇文章，引导金融资本投 早、投小、投长期、投硬科技"。构建同科技创新相适应的科技金融体制，既是强化国家战略科技力量 的关键抓手，也是推动经济结构优化升级、增强国家核心竞争力的重要支撑。必须立足国情和发展阶 段，探索服务现代化建设的科技金融发展新路径。 近年来，我国科技金融发展成效显著，金融支持科技创新的政策力度不断加大，金融产品和服务体系持 续优化，资本市场创新活力加速释放，为科技型企业发展提供了更加多元的金融服务。 顶层设计不断完善。国家层面对科技金融的重视程度持续提升，政策供给持续强化。2024年，中国人民 银行等七部门联合印发《关于扎实做好科技金融大文章的工作方案》，推动金融机构和金融市场全面提 升科技金融服务能力、强度和水平，为各类创新主体的科技创新活动提供全链条全生命周期金融服务。 今年5月，科技部、中国人民银行等七部门联合发布《加快构建科技金融体制有力支撑高水平科技自立 自强的若干政策举措》，聚焦创业投资、货币信贷、资本市场、科技保险等方面 ...

以下文章来源于耐心资本V ，作者一根笔直甜罗素 关注长期、价值、责任投资；降低风险投资；发现稳定性，科技创新，实体经济，新质生产力；促进资 本市场稳定性。 审计的聚光灯下，政府投资基金的 "沉睡"资金令人触目惊心：北方某省7支基金方向不明， 5000万科技成果转 化资金滞留五年未动； 南方某省 14支基金长期"趴窝"，28.85亿元在账 上纹丝不动。其他等地审计报告同样指向定位不清、效率低下——这不仅是地方个案，更是当 下政府投资基金困局的缩影。 当手握重金的 GP们苦于"戴着返投脚镣跳舞"，当政府LP焦虑于"今年必须投出去"的考核压 力，这支撑起中国创投半壁江山（认缴7.7万亿、管理市场七成资金）的巨量资本，正经历一 场深刻的效率拷问。 困局亦是破局之始。从年初国务院 "国办1号文"首次明确分类管理、鼓励松绑返投，到7月发 改委新政剑指"防止同质化"、"不以招商为目的"，一场自上而下的变革浪潮已然涌动。审计报 告揭开的痛点，正成为撬动政府投资基金焕发活力、精准浇灌创新的支点。沉睡的资本巨轮， 能否就此校准航向？ 审计报告如同一把手术刀，精准剖开了政府投资基金的沉疴。河北的审计结果令人咋舌： 7支 基金未明确 ...

《管理办法》将政府出资基金一般采用的通过预算直接出资、安排资金并委托国有企业出资、注资国有 企业并明确相关资金专项用于对基金出资等三种方式，全部纳入政府投资基金管理范围。同时，明确未 足额保障"三保"、政府债务付息等必保支出或债务风险高的地区，不得安排政府出资新设基金。 政府投资基金聚焦国家和上海市重大战略、重点领域以及市场不能充分发挥作用的薄弱环节，按投资方 向分为产业投资类基金和创业投资类基金两大类。产业投资类基金围绕完善现代化产业体系，重点投资 产业链关键环节和延链补链强链项目，推动提升产业链供应链韧性和安全水平，打造具有国际竞争力的 产业集群。创业投资类基金围绕发展新质生产力，支持科技创新，重点投早、投小、投长期、投硬科 技，提升自主创新能力和关键核心技术攻关能力。 上海市人民政府办公厅印发《上海市政府投资基金管理办法（试行）》。《管理办法》主要围绕"有效 市场"和"有为政府"两个关键点，突出"四个坚持"：一是坚持强化统筹、分类指导。从全市战略大局出 发，突出政策性功能定位，加强分类管理，合理统筹基金布局，形成市区出资合力，防止同质化竞争和 对社会资本产生挤出效应。二是坚持职责清晰、分级管理。明确政府 ...

Core Viewpoint - The article highlights the achievements and future directions of the Henan Provincial Government Investment Fund in promoting industrial development and innovation through strategic investments and collaborations [1][5]. Investment Fund Overview - As of now, the Henan Provincial Government has established 24 funds, including emerging industry investment guidance funds and angel investment guidance funds, with a total planned scale of 226.87 billion and an accumulated investment of 116.15 billion [3]. - The funds have directly invested in 1,506 projects, covering key areas such as innovation, small and medium enterprises, industrial transformation, and public services [2][3]. Fund Matrix and Strategic Layout - The investment fund matrix has been expanding, with significant funds established to support strategic emerging industries and future industrial layouts [4]. - In 2021, a 150 billion emerging industry fund and a 15 billion entrepreneurial investment fund were set up to bolster strategic emerging industries [4]. - The establishment of the Henan Innovation Investment Group in 2022 aims to serve as a platform for technology transfer and investment in emerging industries [4]. Role in Technological Innovation and Industry Development - The government investment fund plays a crucial role in driving technological innovation and supporting industrial development, linking local resources with national and international innovation hubs [5]. - The fund has significantly invested in strategic emerging industries, with over 80% of projects focusing on key industrial chains [5]. Future Directions - The Henan Provincial Government Investment Fund aims to attract more long-term and patient capital by connecting with national funds and industry leaders [6][7]. - The fund will focus on four key areas: linking with national funds, collaborating with market-oriented investment institutions, enhancing financial services, and deepening provincial and municipal cooperation [8].

今年年初，国务院办公厅印发《关于促进政府投资基金高质量发展的指导意见》（国办发〔 2 0 2 5〕1号）， 首次 从国家层面明确提出 "鼓励发展私募股权二级市场基金（S基金）"， 这 份被业内称为 "S基金 发展春天的标志 "的文件，要求"优化政府投资基金份额转让业务流程和 定价机制" 。 S基金这池水，真的热起来了。 我们关注到，最近这一年多，各地国资 S基金的设立十分火热： 从设立目的上来看，多数国资 S基金的设立目的主要是为了承接过往投资的基金和项目份额。 我们认为，这有利于在人民币S基金市场中起到示范性带动作用，推动私募二级市场出现更多 专业化的国资S基金，进一步畅通股权投资行业退出渠道。 各地国资 S基金的井喷离不开政策的东风频吹： 这是比较突破性的举措，我们此前就分析过，由于一级市场上最大的 LP群体政府投资基金并 没有大规模入场参与S交易，中国S基金的发展一直属于早期阶段，规模尚小。而定价及资产评 估体系的不确定性是他们参与交易的一大障碍。随着 国办一号文 的出台，我们预计接下来针 对如何完善政府投资基金评估体系、优化份额转让的业务流程与定价机制会有更加科学的指导 出现，这也将为私募股权二级市场 ...

9月26日，原中国银保监会副主席陈文辉在"2025·青岛创投风投大会"上表示，金融对于整个经济社会的发展非常重要，但不同时期金融服务的形式有所不 同。当下要推动新质生产力发展，股权投资基金这一金融服务形式起到越来越重要的作用。 面对以间接融资为主的金融体系特点，我国相关部门已从多方面作出创新引导，包括金融资产投资公司（AIC）的扩容等。"虽然现在机遇很好，但是确实 挑战也很多，包括募资难、投资风险、如何退出以及整个行业自身能力不足的问题。"陈文辉说。 最重要的是遵照市场规划优化资源配置。 "确实要避免设定过多的目标，不能既要又要还要，要把目标集中在一点。"陈文辉强调，上述国办1号文提到"不以招商引资为目的设立政府投资基金"，"但 （这）不是说不招商引资。如果不允许招商引资，地方政府设立投资基金的积极性就会大打折扣。" 陈文辉还强调了企业风险投资（CVC）对于推动科技创新产业化发展的重要作用。 "政府投资基金要成功、要避免出现一些问题，市场化运作是非常重要的方面，但是这里面有一些矛盾。怎样使得这股力量真正进一步往前推动，CVC可能 是重要的一块。"他以近期中国第一汽车股份有限公司收购深圳市卓驭科技有限公司股权举 ...

Core Insights - The equity investment industry is currently facing multiple challenges, including fundraising difficulties, high investment risks, poor exit mechanisms, and insufficient industry capabilities [1] - Government investment funds and corporate venture capital (CVC) are expected to play crucial roles in addressing these challenges, particularly in the early stages of technological innovation [1][2] Group 1: Government Investment Funds - Government investment funds have become an important component of China's venture capital market, reflecting policy direction and new requirements [2] - The State Council's "No. 1 Document" emphasizes the need for precise positioning of government investment funds and the optimization of market-oriented operation and exit mechanisms [2] - Local governments are implementing policies to address industry challenges, including extending fund duration, lowering return multiples, and optimizing contribution ratios [2] Group 2: Corporate Venture Capital (CVC) - CVC plays a significant role in promoting the industrialization of technological innovation, as demonstrated by examples such as FAW's acquisition of the unicorn company Zhuoyu in the autonomous driving sector [2][3] - Historical examples show that major internet companies like Tencent and Alibaba have successfully incubated new giants through CVC, indicating its advantages across the entire investment cycle [3] Group 3: Future Development of Equity Investment Funds - Recommendations for the future development of equity investment funds include enhancing the financial service system, optimizing exit mechanisms, and establishing a market-oriented approach with a fault-tolerant mechanism [4] - The exit mechanism is critical, with mergers and acquisitions expected to become a primary exit route as IPOs face capacity limitations [4] - Overall, government investment funds and CVC together form a vital financial force for driving the industrialization of technological innovation, supporting the development of new productive forces through market mechanisms and expanded exit channels [4]

Group 1 - The Suzhou Artificial Intelligence Industry Special Mother Fund has completed its first direct investment project, injecting approximately 20 billion yuan into Suzhou Zongwei Technology Co., Ltd [1] - The total investment from the Suzhou Artificial Intelligence Industry Special Mother Fund and its sub-funds is expected to reach around 20 billion yuan [1] - Government funding's share in institutional LP contributions surged from 40.8% to 68.3% in the first half of 2025, with government guidance fund contributions increasing by 151% year-on-year [1][2] Group 2 - Government investment funds are evolving from merely acting as "capital amplifiers" to becoming core forces in cultivating industrial ecosystems, focusing on strategic emerging industries [2][3] - The shift in government investment funds reflects a deeper emphasis on industrial value, leading to the implementation of the "one industry, one fund" model [2][5] Group 3 - The previous wave of government guidance fund establishment saw a target scale exceeding 5.3 trillion yuan by the end of 2016, primarily aimed at attracting social capital into equity investment markets [3] - The urgent need for industrial transformation is reshaping the logic of these funds, with a clear trend towards targeted allocations in strategic emerging industries [3][4] Group 4 - The focus on specialization and marketization is crucial for government investment funds, requiring alignment with industry regulations and the establishment of effective mechanisms [4][5] - The transition to industry mother funds necessitates genuine financial investment and an investment logic directed towards industry [4] Group 5 - The competitive landscape among local governments is driving a shift from broad to specialized fund layouts, emphasizing targeted industry funds to enhance industrial clusters [5][6] - The increasing emphasis on industry in fund operations is leading to collaborative efforts between provincial, municipal, and district levels to advance major projects [5][6] Group 6 - The differentiation in government-backed mother funds allows for more targeted communication with investors, aligning local industrial advantages with funded projects [6][7] - Local governments are encouraged to avoid homogenization in industrial planning, focusing on unique advantages and optimizing the business environment [6][8] Group 7 - The criteria for selecting General Partners (GPs) are evolving, with a greater emphasis on understanding niche markets and integrating industrial resources rather than solely focusing on historical financial returns [7][8] - The shift towards being "industry boosters" is reshaping the role of government investment funds, optimizing investment logic and local industrial development models [7][8] Group 8 - Challenges remain in avoiding homogenization of fund establishment and balancing industrial direction with market dynamics [8] - Government and state-owned LPs are beginning to see the results of institutional innovations, with GP sub-fund managers actively participating in industrial ecosystem development [8][9]

Core Insights - Recent audits of government investment funds across various provinces in China reveal significant issues, including non-compliance in operations, idle funds, unclear positioning, ambiguous investment directions, and inadequate risk control and exit strategies [1][2][3] Group 1: Operational Issues - Several funds, such as Hebei's Ji Cai Industrial Guidance Equity Investment Fund, lack clear duration or timely establishment of sub-funds, with some fund managers failing to conduct adequate due diligence [1][2] - High levels of idle funds are reported, with specific examples including a 50 million yuan fund established in 2019 that remains unutilized, and other provinces like Fujian and Hubei facing similar issues with uninvested funds [1][2] Group 2: Investment Direction Problems - Inconsistent investment directions are noted, with funds in Hebei and Jiangxi investing in areas that do not align with their stated goals, leading to insufficient support for key local industries [2][3] - Some funds have overlapping investment targets, and a significant number of funds in Hubei have not adhered to agreements to support local industry development, resulting in long-term idleness of 28.85 billion yuan [2][3] Group 3: Risk Management and Control - Reports from Gansu and Jiangsu highlight deficiencies in risk management, with specific cases of funds failing to exit investments as agreed and projects lacking proper feasibility studies [2][3] - The overall investment management practices are criticized for not meeting the required standards, which hampers the effectiveness of the funds [2][3] Group 4: Trends in Government Investment Funds - Government investment funds have shown a marked regional disparity in investment activity, with economically developed areas maintaining high investment levels while underdeveloped regions struggle with idle funds [3][4] - Although the number of investments made by government guidance funds has decreased, the total investment amount has significantly increased, indicating a shift towards more targeted investment strategies [4][5] Group 5: Policy and Regulatory Changes - Recent guidelines emphasize the need for precise functional positioning, efficient resource allocation, and a scientific assessment system for government investment funds [4][5] - Local governments are gradually relaxing restrictions on fund operations, aiming to enhance market-oriented practices and improve overall fund efficiency [5][6]